Dalane Kraft Acquires Full Ownership of Svåheia Wind Farm from Cloudberry for US$ 31 Million

Cloudberry Clean Energy ASA announced the sale of its 80% ownership stake in the Svåheia Wind Farm to Dalane Kraft AS, which already owned the remaining 20%. This transaction grants Dalane Kraft full ownership of the facility.

Key Details of the Transaction

• Location: Svåheia Wind Farm is situated in Norway's NO-2 price region.

• Facility Overview: The wind farm comprises seven operational Vestas turbines, which have been in commercial operation since 2018.

• Annual Production: The facility has an estimated annual energy production of 70 GWh.

• Enterprise Value: The total enterprise value for the transaction is NOK 322 million (US$ 31 million).

• Share Price: Cloudberry's 80% stake was sold for NOK 264 million (US$ 25 million).

• Financial Implications:

  • Cloudberry plans to use the proceeds to repay approximately NOK 145 million (US$ 14 million) in external debt.

  • The remaining funds will free up around NOK 120 million (US$ 11 million) in cash.

  • This liquidity effect aligns with the financial aspects of the Skovgaard transaction, which was partially settled through a share issue at NOK 17 per share.

• Taxation: The Svåheia Wind Farm is subject to Norway’s resource rent tax regime.